Quick market update
Here's a really quick real estate market update from a national point of view:
— Foreclosure activity in the U.S. has fallen to its lowest level in 40 months, according to RealtyTrac. Unfortunately, it's not because there are actually less people getting foreclosed on. It does reflect the massive delays in processing foreclosures.
— Data released by the National Association of Realtors (NAR) Tuesday show that distressed properties – including bank-owned homes and pre-foreclosure short sales – made up 39 percent of the first quarter’s existing-home sales. That’s up from 36 percent a year earlier. From my own perspective, that feels about right for the Denver area as well.
Here's a look at the Denver market for April: (single family and condos)
– Inventory is up 1% compared with prior month and down 9% compared with same month year ago
– Sales in April were up 7% at 3,429 units, compared with last month figures
– When comparing sales activity from April 2010, there was an 18% drop in units sold this year. Last year's number was high due to the tax credit.
– Prices were even compared to prior month and April 2010 with an average sale price of $248,991 versus prior month
– Days on Market dropped to 112 days (6%) compared with last month. However, homes are taking long to sell in today’s market without the homebuyer tax credit; average Days on Market increased 40% from year ago figures.